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News Breaks
February 12, 2013
11:51 EDTVAL, PPGPaint maker Valspar retreats after results miss expectations
Coatings and paint manufacturer Valspar (VAL) is sinking after the company reported lower than expected first quarter earnings per share, or EPS, and lower than expected first quarter revenue. The company explained that international markets were weaker than it had anticipated. Specifically, Valspar said its business in China, Australia, and parts of Europe were weaker than expected. Moreover, Valspar anticipates that its overseas markets will continue to be weak. As a result, it lowered its fiscal 2013 EPS guidance to $3.60-$3.80, from its previous guidance of $3.65-$3.85. Analysts' consensus estimate was $3.79. On a positive note, Valspar reported that its U.S. consumer paints business, boosted by the U.S. housing recovery, generated revenue growth in the mid single percentage digits. Meanwhile, the revenue from Valspar's North American wood business rose in the high single percentage digits. Nevertheless, in late morning trading, Valspar tumbled 7.50%, to $61.92. PPG Industries, which also manufactures coatings, dropped 2.6% to $135.
News For VAL;PPG From The Last 14 Days
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October 1, 2014
17:04 EDTPPGCourt affirms amended reorganization plan for Pittsburgh Corning Corporation
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17:03 EDTPPGPPG Industries' and Corning' Pittsburgh Corning reorganization plan reaffirmed
PPG Industries (PPG) announced that the U.S. District Court for the Western District of Pennsylvania issued a memorandum opinion and order on Sept. 30 affirming confirmation of the current Pittsburgh Corning plan of reorganization. PPG and Corning Incorporated (GLW) are each 50% shareholders of Pittsburgh Corning, which filed for Chapter 11 bankruptcy protection in 2000. Under the plan of reorganization, PPG and its participating insurers are to make their initial payments to the trust 30 business days after the plan becomes effective and all conditions to funding have been met.
05:41 EDTPPGPPG Aerospace expands sealants production capacity at UK facility
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September 25, 2014
12:17 EDTVALH.B. Fuller plummets to 52-week low after results, outlook trail estimates
Shares of H.B. Fuller (FUL), which manufactures adhesives, sealants and other specialty chemical products, are sinking after the company's third quarter results and fourth quarter profit outlook missed analysts' consensus estimates. WHAT'S NEW: Last night, H.B. Fuller reported Q3 adjusted earnings per share of 42c and revenue of $526.8M, significantly trailing analysts' consensus estimates of 76c and $539.54M, respectively. The company forecast Q4 adjusted EPS of 60c-70c, far below the consensus of 85c. H.B. Fuller increased its fiscal year 2014 CapEx view to $135M from $105M. WHAT'S NOTABLE: H.B. Fuller CEO Jim Owens said, "The delayed and costly execution of our SAP project in North America and European business integration project led to disappointing and unacceptable results this quarter. We took decisive actions to accelerate the completion of our major projects and move to normal operating conditions. More work is to be done in the fourth quarter, but we expect our intensified focus on completing these projects will lead to improved operating performance in the fourth quarter and pave the way for a strong 2015, putting us back on track to achieve our long term goals of 15% EBITDA margin and solid organic growth." On its conference call, management confirmed the 15% EBITDA margin goal, but said it will be delayed at least one year. They expect "significant" improvements in Q4, and FY15, and noted that recent challenges have been project related and can easily be fixed. They expect to launch the Latin America business in mid-2015. PRICE ACTION: In early afternoon trading, H.B. Fuller fell $5.44, or about 12.37%, to $38.54 on over seven times its average daily trading volume. Earlier in the session, the stock notched a fresh 52-week low of $36.92. Including today's pull-back, the shares have lost almost 5% over the past 12 months. OTHERS TO WATCH: Other companies in the sealants and chemicals space include Sherwin-Williams (SHW), The Valspar Corporation (VAL), and RPM International (RPM).

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